Monaco: New term life licence and confirmation of trading status
Lloyd’s underwriters have new licence arrangements in Monaco, which now include permission to write term life insurance on an onshore basis, i.e. through coverholders located in Monaco.
In addition, Lloyd’s underwriters are now listed on the register of authorised insurers in Monaco.
Lloyd’s underwriters have been authorised to write Monegasque risks for many years, but in 2014 the Monegasque Ministry of Finance changed its rules regarding how an insurer may be licensed to transact risks located in Monaco. As a result, Lloyd’s applied for a new licence to replace the previous one. This new licence has been granted. It includes the same classes of insurance and reinsurance business plus onshore term life insurance business, which was not included in the previous licence.
Despite Lloyd’s underwriters being authorised in Monaco for many years, previously they were not listed on the register of authorised insurers that is produced by the Ministry of Finance in Monaco. This omission caused difficulties for managing agents and Lloyd’s brokers in providing assurance to potential insureds regarding the regulatory status of Lloyd’s underwriters. Lloyd’s has now ensured that the list includes Lloyd’s underwriters, which will avoid such difficulties for Lloyd’s market participants in the future. A copy of the list is available here or may be obtained on request from the Lloyd’s International Trading Advice (LITA) team.
Lloyd's International Trading Advice
Primary point of contact for advice and information
on Lloyd's trading status worldwide.